Eyes on North Dakota and Minnesota

Corn and soybean planting progress was better than the estimates but North Dakota is only 20% done planting corn and 7% for soybeans. Minnesota has 60% of its corn planted and 32% soybeans done. They have a drier forecast next week but are going to run up to and past their final planting dates for corn. The USDA estimated 11.4 million acres of corn for these 2 states and it’s unlikely that number will get planted. Some of those acres will go to soybeans and we estimate that other areas will plant more corn than initially surveyed which leaves us with a real guessing game into the end of June. Our take is the planting progress was bearish on the national percentage but corn should find support on any decent breaks where soybeans could see pressure or at least have a hard time rallying. NFC Grain Comments Options -5.24.22 (1)